As was the case a week ago, the BEGOS Markets take their New Year holiday today, with trading commencing 2023 tonight at 23:00 GMT. The Gold Update cites Gold’s perfectly unchanged year from 1830 to 1830 with quite symmetrical deviations of some 200 points en route up to the high and down to the low. Stressed, too, is the ongoing extreme overvaluation of the S&P 500 be it by earnings (i.e. lack thereof) per the historical track of the Index’s P/E, the departure of the Index from its regression channel, and the truthful level of the MoneyFlow versus the frothy level of the Index; on balance we expect a very difficult year for equities. However for Gold, it only shall breakout upon a curtailing of the arguable price suppression plus realization at large that Gold is a critical asset to hold. The Econ Baro starts its year tomorrow with 11 incoming metrics in this first week.